Magna Bank Adds Investment Services

By Andy Meek

Magna Bank has added investment services to its mix of offerings available for customers.

The bank now is working with Cary Allen, a representative of independent investment securities firm LPL Financial Services. Allen will be based in Magna’s Quail Hollow branch at 6525 Quail Hollow Road, but he’ll be available to meet with customers at any of Magna’s other branches if they need.

Lisa Foley, executive vice president and retail banking division manager with Magna, said the bank’s customers have been asking for investment services for a while now. Allen comes to the bank from Paragon National Bank, where he was the original member of Paragon’s wealth management division.

He has more than 30 years’ experience in the industry as an independent adviser, and he’s been in talks with Magna for several years about such a move, though he says the time was never right – until now.

More specifically, he said he saw a lot of opportunity in a partnership with Magna, considering the size of the bank – it’s among the top 10 largest banks in the Memphis area, as ranked by customer deposit share – as well as the resources the move will provide to him.

“They’ve not had an investment adviser, and it’s a good opportunity to serve the needs of their customers, because all bank depositors are looking for a higher yield, that’s for sure, in this environment,” Allen said.

“Our customers have been asking for these services, and today we can say we have them. This allows us to protect our customer base and be more of a one-stop shop for them.”

The new service is available now. It will be done either on an advisory fee basis or in a brokerage account. And it’s tailored for somebody who might be looking for an alternative to low-yielding certificates of deposit or to have their investments – like a 401(k) rollover or a general nest egg – managed for them, Allen said.

Investments will be tailored for individual client needs and could encompass anything from stocks and bonds to mutual funds, annuities and insurance products.

While Allen currently is Magna’s sole investment adviser, Foley said Allen hopes to bring his son onboard this summer to join him.

“We have wanted and been waiting a long time to try to partner with the right broker-dealer to be able to offer alternative investments to our customers, and we have finally found the right partner so we can better fulfill our customers’ financial needs,” Foley said.

“Our customers have been asking for these services, and today we can say we have them. This allows us to protect our customer base and be more of a one-stop shop for them. If you’re going to protect your customer base, you’ve got to offer a gamut of financial services, and this is one we were missing.”

The move comes at a time Magna is working to raise its profile in the local area. Another example is the recent launch of the bank’s first TV spot, a 30-second ad that’s part of the bank’s “We’re For You” print, online and broadcast advertising campaign.

The ad will air in the Memphis market on local networks, select cable channels and also on YouTube.

Magna’s “We’re For You” campaign was developed with Memphis-based Sullivan Branding, and it’s built around showing how the bank helps customers meet their financial goals.

Magna’s TV ad will air in the market through June, then again during the fall.